‘Tis the Season

Take a holiday break from your payment!

Skip-A-Pay Program

Members in good standing can skip a regularly scheduled loan payment on a variety of loans and lines of credit. The following loan types are not eligible for Skip-A-Pay:

  • Mortgages
  • Solar Loans
  • Visa Credit Cards

If your loan qualifies, follow these steps to process your Skip-A-Pay request online:

     

  • Login to your TOPCU Online Banking account
  • Click on the Services Tab and choose “Skip A Loan Payment”
  • Follow the on-screen instructions to complete your Skip-A-Pay request
Skip A Pay logo

Print or download the application here

Additional Requirements:

  • Must not have had a Skip-A-Pay in the last 3 months
  • Skip payments are limited to 2 times per a rolling 12 months
  • You may skip multiple loans at the same time (Note: $30 fee per loan)
  • No delinquent accounts
  • No charged off accounts
  • No loan modifications or extensions
  • No loan under bankruptcy protection
  • Loan must be at least 90 days old
  • $30 fee (per loan) must be paid at time of application

How many payments will be skipped?

Once you process your Skip-A-Pay online, the next monthly payment due on your loan will be skipped.

 

Multiple Loans

You may process a Skip-A-Pay for all eligible loans. There will be a $30 fee for each Skip-A-Pay processed per loan. Remember, you may only skip a loan payment 2 times per year.

 

Fees

There is a $30 fee for each eligible loan skipped. The fee may be withdrawn from your TOPCU account, paid by cash, or by check made payable to TOPCU.  Please do not mail cash. Note: when processing your Skip-A-Pay online, the fee has to be automatically deducted from your account, so make sure the funds are in your TOPCU account before processing online.

 

Electronic/Automatic Payment Information

  • Payroll Deduction/Direct Deposit – your automatic payment will not be transferred to your loan on the skipped month, your payment will remain in your TOPCU savings or checking account
  • Monthly transfer from TOPCU savings/checking account – your automatic payment will not be transferred to your loan on the skipped month; your payment will remain in your TOPCU savings or checking account
  • Electronic withdraw from another financial institution – payment will still be withdrawn from your other financial institution and deposited into your TOPCU savings account for the month skipped* 
  • Bill payment from another financial institution – If a payment is still sent from your other financial institution the check will be deposited into your TOPCU savings account for the month skipped

*If you would like for your electronic payment to be held so that it does not come out of your other financial institution, please contact our member service department. A $10.00 ACH – Recurring (Change Fee) will be incurred separate from the $30.00 Skip-A-Pay fee for this service.

 

Frequency

You may use the Skip-A-Pay program two times per calendar year and a Skip-A-Pay can only be processed after 3 months of any prior skipped loan payment. Special Note: If your loan is covered by a Guaranteed Asset Protection (GAP) Policy, skipping more than two (2) payments over the term of the loan may affect the GAP payout if there is a total loss.

 

Final Payment Date

Your final payment date will be extended to allow you to pay your skipped payment at the end of your loan. Interest will continue to accrue at your normal contract rate on your unpaid loan balance during the skipped period but you will not owe a late charge for skipping your payment. All other terms and provisions of your loan will remain the same.